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URANIUM ARBITRATION
 
Khan files appeal in ARMZ case
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20th April 2012
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JOHANNESBURG (miningweekly.com) – Canadian junior Khan Resources has filed an appeal in an Ontario court challenging a March 9 decision that upheld Atomredmetzoloto JSC’s (ARMZ’s) appeal to stop Khan's lawsuit against the Russian miner.

Khan claims that ARMZ, which is a government-owned company, interfered with its uranium interests in Mongolia, and is seeking damages of C$300-million.

The junior miner was looking to, among other things, restore a prior order of the Superior Court of Justice that validated service of the statement of claim on ARMZ, which the Russian government has since refused to serve on the company.

Meanwhile, Khan also announced private placement to raise $2.31-million. The company planned to use the proceeds of the offering to advance its international arbitration case for C$200-million against the government of Mongolia, related to the arbitration with ARMZ.

It would issue 13.6-million shares at $0.17 apiece.

Last month, Ontario Superior Court of Justice upheld ARMZ's appeal.

Edited by: Mariaan Webb

 

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